Issue - meetings

A report from the Executive Director – Resources is attached. (Key decision – reference number 4926)

(Report No.41)

(7.30 – 7.35 pm)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources (No.41) reviewing the activities of the Council’s Treasury Management function over the year ended 31 March 2019.

NOTED

1.            The background to the Annual Treasury Management Outturn report as set out in the report.

2.            That as at 31 March 2019 the level of debt outstanding was £844.8m, an increase of £148.0m since 1 April 2018. The average interest rate had fallen as detailed in the report.

3.            That the report outlined the detailed borrowing in 2018/19; the cost of borrowing; debt maturity; and, treasury management activity.

4.            The work being undertaken regarding the Minimum Revenue Provision as set out in section 9 of the report and reflected in decision 3 below.

5.            The outturn report demonstrated the Council’s investment in the Borough.

6.            The cost of borrowing detailed in section 6 and table 3 of the report.

7.            The Council’s investment in Deutsche Bank, outlined in Table 5 of the report. The Council had not been advised, by its professional advisors, of any action necessary regarding this investment as a result of recent announcements by the Bank.

Alternative Options Considered: None. This report was required to comply with the Council’s Treasury Management Policy statement, agreed by Council.

DECISION: The Cabinet agreed to

1.            Note and comment on the contents of the report as set out above.

2.            Recommend that the Council consider the 2018/19 Treasury Management Outturn report.

3.            Recommend to Council to note the review of Minimum Revenue Provision (MRP) for Investment Properties, the outcome of which might give rise to an amendment to the Treasury Management Strategy.

Reason: To inform the Council of Treasury Management performance in the financial year 2018/19.

(Key decision – reference number 4926)